Gas Prices Hit New Year's Eve Highest, To Fall In '14

Gasoline prices in 2013 averaged $3.49 a gallon across the U.S., their lowest since 2010. But this New Year's Eve — at $3.32 a gallon — notches the highest on record for that date, the American Automobile Association said.

The AAA outlook for 2014 predicts gas prices will average slightly less than they did in 2013. The highest year ever was 2012, the auto group said, at $3.60 a gallon.

"It was a relief to see gas prices decline in 2013 following record-breaking pain at the pump in recent years," AAA spokesman Avery Ash said in the report announcement. "Our hope is that prices will continue to fall as cars grow increasingly fuel efficient and refineries expand production to take advantage of the recent boom in North American crude oil."

In this environment with gas prices seasonally high, auto travel over holiday vacations can add up. With Americans still penny-pinching, discount travel sites such as Priceline (PCLN) have been doing well. Its stock gained 87% in 2013, while TripAdvisor (TRIP), another travel site company highly ranked by IBD, lifted 98%.

Among airlines, discounter Spirit Airlines (SAVE) garners the highest composite company rating and its stock ran up 156% for the year.

Meanwhile, Ford (F), which has pushed sales of vehicles with its mild-hybrid EcoBoost engines, looks on track to retain its title as the top-selling vehicle brand in North America, over Toyota (TM), maker of the gas-sipping Prius hybrid series. No carmakers have a particularly high Composite Rating from IBD right now, though luxury electric-car maker Tesla Motors (TSLA) leads the group.

In gas prices around the country, AAA reported the cheapest were in South Carolina at an average $3.24 in 2013, while Wailuku, Hawaii, had the highest metro average, at $4.42 a gallon. Chilly Chicago wasn't cheap either, at $4.40 a gallon.

"Gas prices should average slightly less in 2014 if everything goes as expected, but most drivers may not even notice because the difference could be relatively small," Ash said in the report, adding that increased refinery capacity and domestic crude oil production should help provide a cushion against the kind of events that might cause some unexpected spike.

Gasoline prices in 2013 averaged $3.49 a gallon across the U.S., their lowest since 2010. But this New Year's Eve — at $3.32 a gallon — notches the highest on record for that date, the American Automobile Association said.

The AAA outlook for 2014 predicts gas prices will average slightly less than they did in 2013. The highest year ever was 2012, the auto group said, at $3.60 a gallon.

"It was a relief to see gas prices decline in 2013 following record-breaking pain at the pump in recent years," AAA spokesman Avery Ash said in the report announcement. "Our hope is that prices will continue to fall as cars grow increasingly fuel efficient and refineries expand production to take advantage of the recent boom in North American crude oil."

In this environment with gas prices seasonally high, auto travel over holiday vacations can add up. With Americans still penny-pinching, discount travel sites such as Priceline (PCLN) have been doing well. Its stock gained 87% in 2013, while TripAdvisor (TRIP), another travel site company highly ranked by IBD, lifted 98%.

Among airlines, discounter Spirit Airlines (SAVE) garners the highest composite company rating and its stock ran up 156% for the year.

Meanwhile, Ford (F), which has pushed sales of vehicles with its mild-hybrid EcoBoost engines, looks on track to retain its title as the top-selling vehicle brand in North America, over Toyota (TM), maker of the gas-sipping Prius hybrid series. No carmakers have a particularly high Composite Rating from IBD right now, though luxury electric-car maker Tesla Motors (TSLA) leads the group.

In gas prices around the country, AAA reported the cheapest were in South Carolina at an average $3.24 in 2013, while Wailuku, Hawaii, had the highest metro average, at $4.42 a gallon. Chilly Chicago wasn't cheap either, at $4.40 a gallon.

"Gas prices should average slightly less in 2014 if everything goes as expected, but most drivers may not even notice because the difference could be relatively small," Ash said in the report, adding that increased refinery capacity and domestic crude oil production should help provide a cushion against the kind of events that might cause some unexpected spike.

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03/02/2015 09:49 PM ET

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